Everything is Beating the S&P 500 This Year

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Posted June 23, 2026 by Ben Carlson

Through the close of markets on Monday, the S&P 500 ETF (SPY) was up 9.8% on the year.

That’s a great return six months into the year.

Surprisingly, it’s not the concentration at the top that’s carrying the returns anymore:

The S&P 493 is outperforming the S&P 500 and the Mag 7 by a wide margin. Ironically, the hyperscalers spending so much money on AI could be benefitting the rest of the market to their own detriment.

In fact, the S&P 500 is up around 10% this year despite the fact that companies like Microsoft, Meta, Oracle and more tech stocks are in relatively large corrections at the moment:

You might also be surprised to know that all kinds of other asset classes and types of stocks are beating the S&P 500 this year.

Here’s a list of the asset classes outperforming the S&P 500 in 2026 through the close on Monday:

Small caps (IWM) +21.7%
Value stocks (VTV) +15.1%
Small cap value (AVUV) +20.9%
Emerging markets (EEM) +30.8%
REITs (VNQ) +10.3%
Mid caps (VO) +11.3%
Dividend stocks (VYM) +11.7%

This is a welcomed change for diversified investors.

For years people worried about concentration in the stock market and what it meant to have a handful of stocks powering the market. I’ve had countless conversations with investors who wondered why they shouldn’t just have all of their money invested in the S&P 500.

Obviously, it’s not like the S&P 500 is having a bad year. It’s up almost 10% midway through the year!

But other asset classes are finally working.

Emerging markets have now beaten the S&P 500 over the past three years: